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Support grows for MyPension product
There is growing support within the superannuation industry for the implementation of a default post-retirement product.
A survey conducted by Super Review at last November's Association of Superannuation Funds of Australia (ASFA) Conference in Brisbane has revealed rising levels of support for a so-called "MyPension" product would be mandated in similar terms to MySuper.
Delegates to the ASFA Conference were asked whether, given the increased focus on post-retirement, they believed the Government should move for the development of a default MyPension product to be offered by each fund.
Nearly 65 per cent of respondents supported the development of such a "MyPension" product with just 32.4 per cent opposing such a move.
The result compares to responses to the same question posed in a survey conducted during the Conference of Major Superannuation Funds seven months earlier which revealed a little less than 59 per cent of respondents as being in favour of adopting a "MyPension" product with a full 40 per cent opposed to such a move.
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